• Market Update

    Posted on May 19, 2017 by Gemmer Asset

      Watching the news on Wednesday or reading the papers Thursday morning you would have thought we were down big this week. But only the small-cap Russell 2000 index stands out with a loss of over -1%. The S&P was little changed, and even emerging equities hardly budged despite the turmoil in Brazil (more below). The EAFE stands out with a +1.3% weekly gain, bringing the YTD advance to +14.5%. The gain in the developed…
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  • Market Update

    Posted on May 5, 2017 by Gemmer Asset

      Market Summary   It was a choppy week for the equity markets, but most major indexes gained ground.  The S&P was up +0.6% for the week while the NASDAQ added +0.9%.  Only small-caps and energy stocks really lost ground.  Europe had a very good week.  Germany was up +2.4% while France added +3.1%.  Japan was solid as well (+1.3%).   Interest rates backed up slightly after the Fed meeting mid-week.  The yield on the…
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  • Market Update

    Posted on April 28, 2017 by Gemmer Asset

      Market Summary   It was a solid week for the global equity markets.  The French election results provided the spark on Monday and solid earnings reports underpinned the gains.  For the week both the S&P and Russell 2000 were up +1.5%.   The NASDAQ jumped +2.3% to close solidly above the 6,000 level for the first time ever.  Amazon and Google earnings impressed investors.   While the big tech behemoths garner a lot of attention,…
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  • Market Update

    Posted on March 31, 2017 by Gemmer Asset

        A broadly positive week for the developed market equity indexes.  For the week the S&P gained +0.8% while the small-cap Russell 2000 was up +2.5%.   Only emerging equities lagged, losing -1.1%.  An upcoming meeting between the U.S. and Chinese leaders is leading to jitters about a possible trade conflict.  Chinese mainland equities lost -0.7% while Hong Kong stocks were down -1.9%.   Bond yields were unchanged and most bond asset classes did very…
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  • Market Update

    Posted on March 17, 2017 by Gemmer Asset

      Now this is something we haven’t see for a while – a marked underperformance in the S&P 500. For the week the S&P inched out a +0.2% gain versus +2% to +4% gains for the overseas markets. A weak dollar certainly helped turn the tide, as did growing confidence the Fed would not undermine the global economy in the months to come.   Bond yields fell and bond prices rallied right after Wednesday’s Fed…
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  • Market Update

    Posted on March 4, 2017 by Gemmer Asset

      Market Summary   Some pretty large point moves this week but we didn’t go very far very fast. Large-cap stocks were up with the S&P gaining +0.7%, but small-caps were off -0.1%. Europe and Japan performed well (+2.3% and +1.0% respectively) but emerging lost -0.7%.   The market story of the week was the pop higher in bond yields and the dollar. The yield on the 10-year added 17bps while the 2-year was also…
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  • Market Update

    Posted on February 17, 2017 by Gemmer Asset

      Another decent week for the equity markets.  All the major indexes were in the black for the last five days, and in a way this advance is bullet proof.  It almost doesn’t matter the headline, equities move upwards.  Take the tech sectors.  It is up 13 consecutive days – the longest winning streak since 1989 (chart below).     Impressive stuff, but at some point this buying stampede will exhaust itself and we will…
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  • Market Update

    Posted on February 3, 2017 by Gemmer Asset

      Equity markets rallied on Friday to push the U.S. indexes into the black for the week.  Both the  S&P 500 and small-cap equity index added +0.1% while the international markets generally outperformed.  Friday’s rally also pushed the Dow above 20K for the second week running.  John Authers at the Financial Times pointed out that since the election Goldman Sachs has been the best performing stock (up close to 40%).  Walmart is the worst.  Very…
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  • Market Update

    Posted on January 27, 2017 by Gemmer Asset

      Round numbers are a funny thing.  Dow 20,000 gets a lot of attention, but it’s just another number.  Thresholds such as this do mark progress, to some extent.  Just consider other round numbers for the Dow:   Dow 1,000      –           November 14, 1972 Dow 5,000      –           November 21, 1995 Dow 10,000    –           March 29, 1999 Dow 15,000    –           May 7, 2013   We had that Dow 10,000 hanging around for a long time!!  …
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  • Market Update

    Posted on January 6, 2017 by Gemmer Asset

      Not a bad start to the year with most major asset classes positive for the week. The S&P added +1.7% while the small-cap Russell 2000 advanced +0.7%. International stocks also performed well. The developed EAFE Index was up +2.3% while emerging equities gained +2.6%. Japan added +3.3% and China gained +3%.   Bond yields corrected lower after the rapid move higher late last year. The yield on the 10-year dipped to 2.42%, while intermediate-term…
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